Antiques Old Items with New Initiatives
The antiques business does not require a lot of formal education or training. You should, however learn all you can about the items that you are interested in carrying in your shop. Even the most experienced antiques dealers admit that there is always something more to learn. The more knowledgeable that you become, the more credibility you will have with your customers.
Some ways to do this are: Maintain subscriptions with antiques literature, such as Antiques Info Magazine. Watch Amazon and e-bay on line, and attend auctions. Become familiar with and join the ADA, the Antiques Dealers' Association of America, Inc. These endeavors will help you to learn more about industry trends and build your repertoire of knowledge about antiques in general. Leaning about the market value of those items you wish to buy for resale with the online and live auctions can be useful. Just as importantly, you can also learn what amount you can expect to receive when you find a new buyer for that item. The ADAs major objective is to make the business of buying and selling antiques more professional and to offer resources to its members. If you can, this would be a good organization to join. They have local organizations in many states.
Why did you join the antiques trade? Do you want to be one of the local antique furniture dealers? Do you want to focus on jewelry? Are you just interested in a fun shop that has some finds and some good old junk, as well?
It is important to know that one legal requirement is that a dealer must have a reseller's certificate and collect sales tax on items sold to anyone who does not have his or her own reseller's certificate. So it is more beneficial to your business if you develop an antique dealers business plan. Your business plan should include projected costs and revenues, your specific market and how you'll advertise yourself as a dealer. Whether you are a seasoned professional or a new dealer, creating an antique dealers business plan can make a big impact on the way your business develops or continues to grow.
It is important to constantly improve your supply chain. If you really want to stand out as an antiques dealer, you need to be able to buy rare and unusual items. Create a strategy that allows you to get to the goods first, whether it involves showing up to estate sales early or shopping for antiques in far-off and obscure places. Hiring support staff like an accountant to handle bill paying, taxes, and monitoring your cash flow can also be a good idea. Throughout this process you can find support and guidance thru from an antiques dealer's association.
Will you handle low end, mid-range, or expensive items? Can you afford insurance? How much time will be devoted to the business? How much do you want to travel? Where do you want to sell items? Will you sell at group shops, at shows, through auctions, on the Internet, or all of those places? Will you buy items at auction or from other antiques dealers? Will you pick things up at flea markets and possibly even some yard sales? Because every antiques business is different; every list of answers will be slightly different. Direct your energies to doing those necessary steps to make or maintain the kind of business you choose to operate a success. No matter whether it is an antique furniture dealers, estate jewelers or just a fun junk shop, you can make it a place where collectors check first.